Treasury earns back some of its TARP investment

Citibank buildng in New York City
Citibank buildng in New York City

When the government gave $700 billion to banks to keep them from collapsing when the economy teetered on the brink in 2008, the decision was controversial. Many decried the use of taxpayer money being used to bail out banks due to their own bad bets, and more than a few economists and pundits predicted that the infusion would be a loss. Now, at least some of those naysayers have been proven wrong with the news that some Citigroup stock shares that the government got in exchange for its largesse have been sold to the tune of $2.25 billion. In addition, the total amount of Citi common stock sold by the government equals $16.4 billion, according to the Treasury Department.